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Hyperliquid generated $429 million in revenue from Jan. 1 through Sept. 15, 2026, ranking first among the crypto projects tracked by CoinGecko. Pumpfun placed second with $322 million, followed by Axiom Pro at $132 million.
Why it matters
The ranking shows a broad revenue base across trading, prediction markets, stablecoin infrastructure and blockchain services. Sky generated $130 million, GMGN reached $126 million, and Polymarket recorded $115 million during the period.
The comparison excludes Tether, Circle and Grayscale, so it measures crypto projects outside those major issuers and asset managers. World Liberty Financial generated $95.37 million, while Paxos, edgeX and Titan Builder posted $87.93 million, $84.37 million and $83.47 million, respectively.
Market impact
Hyperliquid's lead puts decentralized derivatives at the top of CoinGecko's project revenue table. The result makes revenue generation a key metric for comparing crypto applications, alongside token prices, trading activity and total value locked.
Source: [Hyperliquid Leads as the Top On-chain Revenue Generator of 2026 — CoinGecko](https://www.coingecko.com/learn/top-onchain-revenue-crypto-projects-2026)
Frequently asked questions
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How much revenue did Hyperliquid generate in 2026?
Hyperliquid generated $429 million from Jan. 1 through Sept. 15, 2026, according to CoinGecko.
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Which project ranked second behind Hyperliquid?
Pumpfun ranked second with $322 million in revenue during the period covered by the ranking.
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Which sectors appear in CoinGecko's revenue ranking?
The ranking includes decentralized derivatives, trading tools, prediction markets, stablecoin infrastructure and blockchain services.
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Which major companies were excluded from the comparison?
CoinGecko excluded Tether, Circle and Grayscale from the crypto-project revenue ranking.
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What was Hyperliquid's position in the crypto revenue ranking?
Hyperliquid ranked first, ahead of Pumpfun at $322 million and Axiom Pro at $132 million.
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